While the clock is ticking on a resolution to Europe’s sovereign debt crisis — with the fate of Greece, and possibly Spain and Italy, still frustratingly unclear — the United States is marching toward a “fiscal cliff” and possibly a seismic shift in political power.

Canada maintains there needs to be timely movement on global issues, including implementation of far-reaching banking rules, including capital requirements.

Finance Minister Jim Flaherty and Bank of Canada governor Mark Carney will be attempting to push those issues ahead when financial leaders from the Group of 20 biggest economies gather in Mexico City on Sunday and Monday.

But in the lead-up to the meetings, some of the major players are saying the timing is bad — and they will be no-shows.

Top among them, U.S. Secretary Treasurer Timothy Geithner. The presidential election is Tuesday, one day after the G20 meeting wraps up, and the country is still recovering from a deadly and devastating Atlantic storm that also closed financial markets.

Related

At the same time, Mr. Geithner has indicated he is calling it quits, regardless of the election outcome. “One can understand why he’d want to stay put,” Daniel Price, who has experience in organizing G20 summits, told Bloomberg News.

Lael Brainard, the U.S. undersecretary for international affairs, will take his place.

But the gathering will also be without European Central Bank president Mario Draghi, a kingpin in the European rescue mission.

The reason for his absence is unclear, but he will be replaced by ECB vice-president Vitor Constancio. There are reports other finance chiefs will not being attending the meeting, the last with Mexico holding the G20 presidency. Russia takes over next year. These absences “say more about the exigencies of domestic economic issues than it does about the future of the G20,” Mr. Price said.

Canadian officials said Thursday they will push ahead on the top issues regardless of who shows up.

In particular, work on the Basil banking rules — set for implementation in 2013 — must continue in its current form and the agreed-upon timetable, a senior Finance Department official said.

While bringing down the budget deficits is important, it’s also important that they don’t crush their economies

But the eurozone crisis and the U.S. fiscal cliff of budget cuts and tax increases — to come into force in January unless there is a political solution — will also figure prominently in the Mexico talks, the official said.

As well, the G20 will issue two reports, one on the state of the global economy and the other on the progress being made on previous commitments.

During the gathering, Mr. Flaherty is scheduled to meet with his British and Australian counterparts.

“One of the focal points of the G20 meeting will be basically the rest of world trying to impress on Europe how important it is to maintain the progress and not to clamp down too hard on Spain, Italy and Portugal,” said Douglas Porter, deputy chief economist at BMO Capital Markets.

“There’s a pretty good case to be made that in some cases they have overdone it on austerity. While bringing down the budget deficits is important, it’s also important that they don’t crush their economies.”

Mr. Porter added that Canada “just wants to make sure Europe does contain this crisis. “We want to make sure the U.S. doesn’t go over the fiscal cliff, and we want o make sure that trade flows remain relatively unimpeded.”

He said other countries will likely press the U.S. on “the importance of compromise and coming to a medium-term arrangement without overdoing it in early 2013, no matter who wins the election.”

Almost Done!

Postmedia wants to improve your reading experience as well as share the best deals and promotions from our advertisers with you. The information below will be used to optimize the content and make ads across the network more relevant to you. You can always change the information you share with us by editing your profile.

By clicking "Create Account", I hearby grant permission to Postmedia to use my account information to create my account.

I also accept and agree to be bound by Postmedia's Terms and Conditions with respect to my use of the Site and I have read and understand Postmedia's Privacy Statement. I consent to the collection, use, maintenance, and disclosure of my information in accordance with the Postmedia's Privacy Policy.

Postmedia wants to improve your reading experience as well as share the best deals and promotions from our advertisers with you. The information below will be used to optimize the content and make ads across the network more relevant to you. You can always change the information you share with us by editing your profile.

By clicking "Create Account", I hearby grant permission to Postmedia to use my account information to create my account.

I also accept and agree to be bound by Postmedia's Terms and Conditions with respect to my use of the Site and I have read and understand Postmedia's Privacy Statement. I consent to the collection, use, maintenance, and disclosure of my information in accordance with the Postmedia's Privacy Policy.